TOP 3 Price Prediction: BTC, ETH, XRP — Considering Correction After Possible Move to $11,000

Price Predictions
Fri, 05/08/2020 - 14:07
Denys Serhiichuk
Can Ethereum (ETH) and XRP keep up with BTC's rise?
Cover image via www.tradingview.com

Altcoins are not currently supporting the growth of Bitcoin (BTC). The dominance index exceeded the three-month high. The top coins rose to the dollar minimally but fell to BTC much more than they did even on March 12-13.

Top 10 coins by Coinstats

Take a look at the vital data for Bitcoin (BTC), Ethereum ETH), and XRP.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$181 214 442 325

$9 865.42

$66 156 458 483

6.20%

Ethereum

ETH

$23 458 266 718

$211.64

$23 643 526 997

3.21%

XRP

XRP

$9 579 376 404

$0.217156

$2 672 459 467

1.36%

BTC/USD

From the range of $8,500- $9,200, where Bitcoin (BTC) was located for more than a week, there was a powerful exit upward. Yesterday, the price of the main cryptocurrency overcame resistance at $9,500 and $9,800 and tested $10,000. Bitcoin (BTC) is the only coin out of the top 3 that has been sitting in the green zone over the past week.

BTC/USD chart by TradingView

On the daily timeframe, we should pay attention to the dynamic resistance zone (blue line on the chart). This area is the upper limit of the medium-term downtrend from December 2017, which also coincides with the horizontal resistance levels of $10,867 and $11,368. Since Bitcoin (BTC) has left the accumulation zone ($8,600- $9,000), there is a high probability that growth will continue to this corridor ($10,867- $11,368). Otherwise, if the coin does not take this route of growth, it will likely breakdown and consolidate below $8,850.

Bitcoin is trading at $9,865 at press time.

ETH/USD

Although Ethereum is looking weaker in correlation to Bitcoin (BTC), it is rising against the US Dollar. The rise since yesterday has amounted to 1.11%.

ETH/USD chart by TradingView

While Bitcoin (BTC) still has strength for a rise, Ethereum (ETH) is about to finish its growth. On the 4H chart, the altcoin reached a local peak at $225 - a resistance level reached in February 2020.

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However, there are few chances for Ethereum (ETH) to hold above it, as there is almost no buying volume to push the rate higher. What is more, a bearish divergence has formed, which is a bearish signal. In this regard, the crucial support at $175 is a possible first stop in the upcoming dump.

Ethereum is trading at $210.53 at press time.

XRP/USD

XRP has remained the slowest growing coin from our list. The rise in the past 24 hours has amounted to only 0.34% while the loss over the past week is 1.28%.

XRP/USD chart by TradingView

XRP is facing a slight correction after reaching $0.2360. The current growth is accompanied by increasing trading volume, which is a good signal in terms of a further rise. In addition, the coin is stuck within a Wedge pattern, which is a bullish sign on the growing market. Summing up, we can expect a breakout to the next vital zone at $0.24 soon.

XRP is trading at $0.2168 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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